Join Our Telegram channel to stay up to date on breaking news coverage
The Solana price is up 7% over the last week and 2% in the last 24 hours to trade at $147.65 as of 9:49 p.m. EST as traders go long on the altcoin.
While the SOL price has risen over the last week, it is still more than 32% in the red on the longer-term monthly time frame.
Solana Price Forms An Ascending Channel
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price has formed a positive channel on the 4-hour chart after printing a series of higher highs and higher lows over the last 48 hours, GeckoTerminal data shows. Should the altcoin continue to trade within this positive range, it could soon try to flip the resistance at $147.32 into support. Thereafter, SOL might be able to rise to as high as $154.73.
On the other hand, a sudden selloff or rejection from the $147.32 resistance could result in a test of the closest support level at $140.31. Falling below this technical safety net could then expose the altcoin to the risk of plunging to the subsequent support at $132.51.
Technicals Suggest The Solana Price Could Continue To Climb
From a technical perspective, indicators on SOL’s 4-hour chart suggest the Solana price might keep climbing in the coming few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.
A bullish crossover is taking place between the MACD and MACD Signal lines, with the former trying to break above the latter. This technical development is often seen as a sign that a crypto has entered a positive trend. Should the MACD line start to break away above the MACD Signal line, it might suggest that SOL’s bullish momentum is growing stronger.
Buyers seem to be accumulating strength against sellers as well, as suggested by the RSI values that have risen over the last few hours. During this time, the indicator has exited oversold territory below 30 to above the neutral 50 mark, which could signal that bulls have taken over control of the Solana price.
As Solana looks to keep climbing, investors are piling into a layer-2 meme coin presale called Solaxy (SOLX) for gains. 99Bitcoins, a popular crypto channel on YouTube that boasts over 725K subscribers, says SOLX has the potential to soar 100X after its launch.
Solana Ecosystem About To Get Its First Scaling Upgrade
Solana, known for its lightning-quick speeds and low fees, has become congested in recent months due to soaring hype around SOL-based meme coins. The recent launches of Official Trump (TRUMP) and Official Melania Meme (MELANIA) have also introduced more traffic to the network. If something does not change soon, the blockchain could suffer another outage.
Solaxy, with its native layer-2 chain and scaling technologies, aims to prevent more downtime for Solana. To achieve this, the project will take over Solana’s transaction processing workload. Through its layer-2 blockchain, Solaxy will then bundle SOL transactions and submit the batches of transactions back to Solana for final validation.
Solaxy’s approach to processing transactions has already been proven as a successful way to scale a network within the Ethereum ecosystem. It will subsequently increase transaction speeds on Solana, while simultaneously slashing fees, resulting in a win-win for anyone who transacts on the popular blockchain.
Solaxy will also bridge the Solana and Ethereum networks. This will create a new ecosystem that combines Ethereum’s robust security framework and thriving DeFi ecosystem with Solana’s speeds and cost efficiency.
Solaxy Presale Breaks $25 Million As Investors Bet Big On The Project’s Future
Solaxy is pulling investors in with its ongoing presale, which has managed to raise over $25 million in early-stage funding so far. This strong ICO performance will most likely continue given the attractive staking opportunity on offer to presale buyers. Anyone who purchases and stakes SOLX now will unlock access to a 163% APY.
To get in on these passive crypto rewards, investors will first need to acquire some SOLX via the buy widget embedded on the project’s website. Selling for $0.001654, SOLX can be bought with either crypto or bank card.
After getting a hold of some SOLX, investors will then just need to navigate to the staking page on the website to lock up their tokens and start earning.
Anyone interested in locking in the best presale rate will want to hurry, because SOLX’s price is set to undergo a series of increases as its ICO progresses. The next price hike will happen in just over 15 hours.
Related Articles:
- Pro-XRP Lawyer Slams Bitcoin Maxis For Trump Criticism
- Bitwise Dogecoin ETF Awaits SEC Verdict
- Solana’s Paradise NFT Collection Tops In Daily NFT Sales Volume
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
